Orr Hirschauge and Telis Demos were first to report that cybersecurity software company Cyber-Ark Software Ltd. had submitted a preliminary, confidential filing for an initial public offering. The Israel-based company is working with various banks and is seeking an initial valuation of around $500 million to $1 billion, and is aiming to sell about a 15% to 20% stake in the IPO that could come later this year, according to sources.

Cybersecurity software company Cyber-Ark Software Ltd. recently submitted a preliminary, confidential filing to list on the Nasdaq Stock Market, according to people familiar with the matter.

The company is seeking an initial, overall valuation for the company of around $500 million to $1 billion, and is aiming to sell about a 15% to 20% stake in an initial public offering that could come later this year, these people said. They said that the company is working with investment banks including J.P. Morgan Chase & Co., Deutsche Bank AG and Barclays PLC on the IPO.

Cyber-Ark makes security software for businesses that aims at protecting against intruders hacking into users’ accounts. The company was founded in Israel in 1999 and its headquarters and main research and development center is in Petah-Tikva, on the outskirts of Tel Aviv. The company’s U.S. headquarters are located in Newton, Mass., and it also has offices in the U.K., France, the Netherlands and Singapore.

Cyber-Ark says that 17 of the world’s 20 largest banks are customers, including Barclays and Deutsche Bank, and 30 of the Fortune 100 largest U.S. public companies, including Pfizer Inc. and Qualcomm Inc. Its revenue in 2013 was estimated to be $100 million, according to IVC-Online, an Israeli-focused research company.

Write to Orr Hirschauge at Orr.Hirschauge@dowjones.com and Telis Demos at telis.demos@wsj.com

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